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If you are struggling with debt in Canada, don’t despair. There are a number of very efficient debt relief programs offered by debt consulting companies that can help people meet their financial obligations and achieve a debt-free life.
One good option for those seeking to become debt-free is a debt consolidation program. This is especially good for people who are struggling with multiple debts and are getting stressed out remembering to make all of their different monthly payments.
Debt consolidation is a debt relief plan in which multiple sources of debt are merged into one. Instead of having to remember to make multiple monthly payments to different creditors, you only need to make one monthly payment – towards your debt consolidation loan.
A debt consolidation loan is a loan that you can take out to pay off your other monthly loans. There are several advantages to paying off your loans this way.
If you take out a debt consolidation loan, you now only have to make one monthly payment.
If you have several sources of debt that you need to pay, for example, a credit card and a line of credit, chances are you don’t pay them at the same time. They have different due dates. It is also possible that there are different payment methods for each, as well as different interest rates.
For example, your credit card bill due date is every 30th of the month and you can pay it using online banking. But your line of credit is due every 15th of your month and you need to deposit a check at the bank.
It can be difficult to juggle all these different payment dates and methods – and if you miss your due dates, you will incur penalties. This will increase the amount you owe and make debt payments even more stressful.
With debt consolidation, you just now have to pay that one loan at one time and in one way every month.
One thing that trips up people who have taken out a loan is the interest rates. An interest rate is a given percentage by which the amount you need to pay will increase by increments every month.
The interest rate on a loan varies according to the type of loan and the loan provider. If the loan that you took out has a high-interest rate, you could find yourself struggling to make the monthly payments. And these monthly payments will increase the longer you go without paying them off.
If you have multiple loans with high-interest rates, it will get harder and harder to make your monthly payments. And your debt will continue to increase.
However, debt consolidation loans typically have a lower interest rate than other types of loans. So the amount you need to pay will still increase slightly every month, but it will still be more manageable than if you had to deal with multiple loans with multiple interest rates.
Being in debt affects your credit score. If you miss payments, this can be seen in your credit history and could negatively affect your attempts to get a financial product in the future.
Banks and other financial institutions consider a person’s ability to pay bills and make loan payments on time and in full a factor in whether they will approve a loan or even a bank account or credit card application.
Debt consolidation makes it easier to make timely loan repayments and this will show on your credit score. As long as you consistently make your debt consolidation loan payments in a timely manner this will reflect positively on your credit score.
Debt consolidation is one of the only Canadian debt relief programs that doesn’t negatively affect your credit score.
With a debt consolidation loan, you could find yourself debt-free within three or five years – and with a better credit rating to boot.
To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.
No contact details required to find out if you qualify
We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.
Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!
Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.
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No contact details required to find out if you qualify
A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.
Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.
No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.
The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.
This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.
If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.
After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.
A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score.
National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.
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